Kroll Bond Rating Agency (KBRA) has reaffirmed the senior unsecured debt rating of A- for WSFS Financial Corporation. KBRA also reaffirmed WSFS’ subordinated debt rating of BBB+ and a short-term debt rating of K2. WSFS Bank, the Company’s primary subsidiary, received strong credit ratings as well, including A ratings for both senior unsecured debt and deposit, a subordinated debt rating of A-, and the short-term debt and deposit ratings of K1. KBRA’s debt rating report for WSFS can be accessed here.
“For the tenth consecutive year, WSFS has received a strong Investment Grade debt rating from KBRA. This rating reflects our diversified revenue model and strong returns while maintaining ample capital and liquidity. We continue to be well-positioned to serve our Clients and support our communities,” said WSFS’ Executive Vice President and Chief Financial Officer, David Burg.
KBRA also noted the ratings are supported by WSFS’ significant and stable fee revenue base derived from diversified business lines, particularly its premier wealth and trust divisions, which KBRA views as a key differentiator and primary driver of the Company’s high ratings profile. The favorable fee income trends and maintenance of a healthy NIM, supported by a low-cost deposit base and well-balanced loan portfolio with regard to fixed/variable interest rate structures that results in attractive loan yields, have produced consistently strong profitability. Also key to the ratings is WSFS’ favorable core funding profile and strong market position, with the largest deposit market share among locally headquartered banks. KBRA also acknowledged WSFS’ markets reflect favorable demographics and are economically diverse, which provides some resilience in periods of stress; its historical asset quality metrics have been solid overall, supported by sound underwriting and credit administration and its diversified loan portfolio.
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